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Gold’s moment of truth - Again

Commentaries & Views

Last week we titled our commentary, “The moment of truth.” Today gold and silver are at the key level once again. The metals will hold support here or breakdown; it’s that simple.

The key levels to watch are $1,495 gold and $17.30 silver. That doesn’t mean we immediately sell at these levels; however, a close below would indicate a possible pattern and trend change. There is danger of a breakdown here but as always, patience to wait for the footprint is the key to success.

There are many reasons the metals could be breaking down but there is only one we care about: the price action. Since reaching their highs in early September gold and silver have struggled. With the current price action and the levels, there could be a reversal as early as tomorrow. We will know after the close today.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.